Strongsville officials, who recently in interest, are doing the same thing with library bonds to save about half that amount.
City Council voted last week to issue a $2.6 million note on the remaining library debt.
The city will get a .5 percent interest rate -- and with it the ability to pay off the debt five years early, saving an estimated $800,000.
Mayor Tom Perciak said he was leery about switching long-term debt for short-term, but said indicators show it's the wisest move.
""When you see where the market is going . . . we have some comfort in knowing the rates are going to stay low," Perciak said.
The city could refinance with long-term bonds, but the rate is now about 2 percent.
Instead, the city will roll over one-year notes until 2016.
Voters in 2000 approved about $7.2 million worth of bonds to build and equip the The city has been paying on the 20-year bonds for 10 years.
Earlier this month, the city refinanced its debt on the , trading in a 5 percent interest rate for 2.07 and saving $1.6 million over the next 10 years.